Northeast Securities and Bank of Jilin contributed 237 million yuan in investment income, a year-on-year decline of 3 million yuan. The company's shareholders hold 30.71% of Beijing Securities and 9.96% of Jilin Bank, both of which confirm investment income according to the equity law, and both account for 85% of operating profit. ① In the first half of the year, the net profit of Northeast Securities was 335 million yuan, and confirmed investment income was 102 million yuan, an increase of 7 million yuan over the previous year. ② The Bank of Jilin had net profit of 1,353 million yuan and confirmed investment income of 135 million yuan, a year-on-year decrease of 10 million yuan. Cement profits have declined, and real estate has rebounded. ① In the first half of the year, cement revenue was 2.76 billion yuan, gross profit was 960 million yuan, a year-on-year decline of 13%, gross margin was basically stable, and the decline in performance was mainly due to a decline in sales; on the other hand, in the second half of the year, due to the decline in high cement prices in Northeast China, gross margin was expected to decline in the second half of the year; ② Real estate revenue for the first half of the year was 1.29 billion yuan, gross profit was 440 million yuan, gross profit margin increased 80% year over year, gross profit margin was 34%. Revenue contributions mainly came from Shenyang Yatai City of 430 million yuan, Wutong Mansion 290 million yuan, and Songyuan Lanxi County; revenue growth is expected to continue to be high in the second half of the year, the main source is The gross margins of Nanjing Wutong Family, Jinlan Garden, and Tianjin Yatalan Mansion are expected to be basically stable due to similar land purchase times. The steady growth of pharmaceuticals is also a key area for future development. The pharmaceutical sector's revenue for the first half of the year was 470 million yuan, an increase of 11% over the previous year, of which Jilin Pharmacy's revenue was 370 million yuan; gross profit was 220 million yuan, an increase of 3% over the previous year. The company will increase its investment in pharmaceuticals, which is expected to accelerate in the future. Non-public offerings address financial pressure. The company previously announced that it would issue 700 million shares at an issue price of 347 yuan and raise 2.4 billion yuan in capital to repay bank loans and supplement working capital to ease financial pressure. The interim report shows that the company has total assets of 50 billion yuan, interest-bearing liabilities as high as 30 billion yuan, and semi-annual financial expenses of 700 million yuan. Financial pressure has been relieved to a certain extent through additional issuance. Profit forecasts and investment advice. The company's net profit for 14-16 is estimated to be 211 million yuan, 3.53 million yuan and 549 million yuan respectively, and EPS is 0.11, 0.19, and 0.29 yuan respectively, giving an increase in holdings rating.